The global Ceramic microspheres market is projected to have a steady growth rate over the forecast period. Ceramic microspheres are microscopic particles intended for use as additives and fillers in paints, mastics, coatings and other construction materials. These microscopic particles have spherical shape due to which less amount of resin is required for ceramic microspheres production. Use of less amount of resin requires low cost which attracts manufacturers to use ceramic microspheres instead of non-soluble additives in production of paints and coatings. In addition, presence of microspheres in product decreases the density of material resulting in easy shipment and portability in painting and other applications.
Ceramic microspheres are used in formulators for paints and coatings on account of higher viscosity, reduced costs, shrinkage, drying time and volatile organic compounds (VOC) emissions. Increasing fiberglass demand on account of surging demand for durable, light-weight and non-corrosive components in construction industry is expected to boost the ceramic microsphere demand over the forecast period. In addition, REACH legislation in Europe is inclined towards reduction of VOC emissions in paints and coating for automobile manufacturing is expected to further augment the ceramic microspheres demand. However, the availability of raw material is expected to act as a major restraint for the ceramic microspheres market on account of increasing demand for ceramics in disc brakes in automotive and in semiconductor industry over the forecast period. Increasing amount of investments for infrastructural development by governments in emerging economies such as India and Brazil is expected to augment the demand for fiberglass attributing to increasing use of ceramic microspheres in its formulation.
Ceramic microspheres are mainly used in the production of shower boats and stalls in polyester industry. Fiberglass manufacturers use ceramic microsphere to create lighter and highly durable fiberglass. Ceramic microspheres are also used for the production of film ink, mining explosives, plastic products and rubber products. North America is expected to be the largest market for ceramic microspheres on account of increased use of fiberglass in construction coupled with the U.S. EPA directive to reduce VOC emission in automobile production. European ceramic microspheres market is expected to witness growth on account of Germany being the largest manufacturer of reinforcement fiber glass followed by France and Italy. Asia Pacific is expected to be fastest growing market on account of growing construction industry in China and India coupled with China being the one of largest fiberglass manufacturers in the world. Some of the leading companies in the ceramic microspheres market include Potters Industries, Sigmund Lindner GmbH, Zeeospheres Ceramics LLC, 3M, The Cary Company and others.
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The COVID-19 pandemic is expected to restrain the manufacturing industry growth in the near future, which in turn is expected to result in checkered growth for machinery manufacturing companies. Furthermore, end-user companies have put on hold the existing orders until the time the lockdown situation is lifted. The report will account for Covid19 as a key market contributor.